SPRINGFIELD - House Speaker Mike Madigan allowed unusual insight into his psyche Wednesday when reporters asked him about the Security Exchange Commission's accusations that Illinois officials committed fraud when they misrepresented the state's financial condition to bond buyers. It's no big deal that investors were misled, he said. They've all been paid.
“It’s important to understand that the buyers of Illinois’ debt have all been paid their interest and their principal. We have not reneged on our debt payments,” Madigan told reporters when asked about this week’s damning Securities and Exchange Commission report against the state.
Then he went on to say, "So there are no victims here. Nobody's lost any money."
To Illinois taxpayers, Madigan's comments sound like an unqualified mortgage seeker that lied about his income and debt, but got the loan anyway. Then the homeowner found a way to pay the mortgage for a while - until the first bump in the road led to a downhill spiral ending in foreclosure.
In the meantime, Illinois taxpayers are paying higher and higher interest on unpaid obligations, mom and pop businesses contracted with the state are shuttering because the state is up to a year in arrears on bill paying, and state workers that depended on pension promises are bracing for financial calamity.
But no harm, no foul, Speaker Madigan says. No harm to him, maybe, but Illinois taxpayers are paying and will pay for years to come. But what to do, the Democrat-loving media and the majority party players say. That's how Speaker Madigan thinks and maneuvers Illinois' business.